Yea all good points and just to add to them, I think the margin...

Yea all good points and just to add to them, I think the margin squeeze that you are talking about may develop differently in different industries. For example, the beauty and fashion industry works off HUGE margins, and a lot of their costs are associated with marketing. So if they are seeing 25%+ increases in conversion rates, basket sizes AND they are getting millions of lead referrals and all of this without an increase in marketing expenses then they'd be much happier in absorbing the 4% margins. This is one of the reasons why APT as the market leader targets this industries first, and is also one of the reasons why merchants in these industries are to quick to offer services like APT and Z1P.

Other industries don't have these fat margins though, and that's where the squeeze will likely be felt first. This is also why you'll never see low margin businesses like Coles/Woolies etc offering a partnership with the likes of Z1P and APT. Apart from the fact it doesn't align with their business (Will BNPL get the customer to buy an extra carton of milk) but also they simply couldn't afford giving up any more margins.

It'll be fascinating to see how the BNPL industry evolves in the next decade.